There are a chunk of other non-tech small business opportunities in Bangalore that entrepreneurs can take up
The business ecosystem is reviving from the economic downturn. With the market's reopening, a new series of small businesses have surfaced. Aspiring entrepreneurs and industrialists who want to step into entrepreneurs' shoes anew can adopt small business ideas in Bangalore. Being the IT hub, Bangalore plays a central role in growth of various tech-enabled companies. Besides this, the city provides oddles of human resources that are skilled in technology.
Apart from tech-enabled business ideas, there are a chunk of other non-tech small business opportunities in Bangalore also that entrepreneurs can take up. Here is a list of lucrative small business ideas that entrepreneurs can kick start easily.
Advertising Agency
An advertising agency helps other organisations in the ecosystem to enhance their presence in the market. The agency builds an overall image of a company from promoting its products, as well as services, to proving its competence. In the digital era, it is crucial for every business, irrespective of its business size, to carry out promotion digitally. Therefore, they need to approach advertising agencies and create campaigns, videos and other allied things to build consumers' emotion towards their product.
According to Dentsu Aegis Network, digital advertising witnessed a 26 per cent increase in 2019 over the previous year (2018). It reached INR 13,683 crore, even though advertising in total saw a mild 9.4 per cent growth. The survey also stated the digital will surge at 27 per cent in the present year and thus, reach INR 17,377 crore by the cessation of 2020. It will further reach INR 50,000 by the cessation of 2025 and grow at a CAGR of 27.4 per cent.
Coaching Center
Millennials have a wide variety of career options today. At a young age, they begin focusing on their goals and do sheer hard work in releasing their dreams. To get admission into their chosen engineering or business school, they join coaching centers to clear out entrance examinations successfully. A coaching center is one of the great small business ideas in Bangalore. To start a coaching center, an entrepreneur has to cater to the needs of the students and provide a well-designed syllabus. To help students, highly experienced teachers should be employed and each student has to be given equal attention.
According to IBEF, with the tutoring in the schooling segment expected to grow from $8 billion in 2011 to $26 billion in 2020, there lies a large and fast growing market for coaching and tutoring services imparted through innovative means, mainly the internet.
Supermarket Business
Establishing a supermarket is one of the effective small scale business opportunities in Bangalore. Supermarket is essentially a one-stop destination wherein all basic amenities of an individual are addressed from food products to personal hygiene items. Despite any market condition, this business would stay afloat and continue to grow in the market. During the pandemic, this business model has digitised and transited into online grocery stores.
According to Redseer Consulting, online grocery is a $2 billion market in 2018 and is expected to grow at a rapid pace to reach $5 billion by 2020 driven by favourable demographics, adoption and policy factors. With increasing digital adoption, demand and supply levers will converge to drive further growth within this sector. Players are realigning their business model and are increasingly focusing on strong warehousing capabilities in areas of high demand to offer better product availability and delivery experience. It would be imperative for consumer brands to leverage multi-channel models, and garner deep understanding of the online, as well as offline channel, for achieving scale and sustained relevance.
Food Truck Business
Running a food truck is not a daunting task. It runs like a restaurant that is operated in the market. However, a food truck gives an option to travel around the city while delivering the food. An entrepreneur can reach different areas and serve a large count of customers. This concept is still new in the Indian market; although it is effective as it reduces cost of infrastructure.
According to the National Restaurant Association report, food truck businesses are estimated to increase at a rate of 8.4 per cent yearly. It is anticipated that the revenue generated from them would reach $2.7 billion in 2017-18, which is plummeted from $650 million that was dated back in 2012.
Diagnostic Center
During the pandemic, starting a diagnostic center is one of the best small business ideas in Bangalore. Seeing the rising count of COVID patients, there is invariably a need for diagnosing ailing people. Thus, an entrepreneur holding expertise in the health and wellness sector, can start his own diagnostic center.
According to Redseer Consulting, the market for diagnostic services has been growing in India over the past couple of years at a rate of 15-20 per cent and is at nearly INR 40,000 crore as of 2016. Pathology accounted for nearly 80 per cent of the market while Radiology accounted for the remaining 20 per cent. According to the cited company's analysis, the current rate of growth is expected to continue, driven by increasing awareness in the population, improving payer coverage and rising incidence of lifestyle diseases.
These small business ideas are essentially profitable and sustainable business models. There are a few more small scale business opportunities in Bangalore that can be used. Comment below if you know any effective, low-cost business ideas in Bangalore.
Comments